US protesters against Israel's actions in Gaza. The Israeli PM has been deaf to the international outcry. (Photo: Mark Wilson/Getty Images/AFP)
US protesters against Israel's actions in Gaza. The Israeli PM has been deaf to the international outcry. (Photo: Mark Wilson/Getty Images/AFP)

If Israel can’t stop Benjamin Netanyahu, then the world needs to step in



How do you solve a problem like Benjamin Netanyahu? That has been the question on everyone’s minds over the past two weeks, as missiles have rained down on the caged population in Gaza.

Mr Netanyahu has been one of Israel’s most influential politicians of recent years. But his influence has been negative for Israel and, especially, for Palestinians. His security narrative has been adopted wholesale by other politicians, who no longer see the occupation of Palestinian lands outside of that narrow prism.

As Mr Netanyahu admitted in an interview this week, he has no intention of ever allowing a two-state solution to exist – and never had any such intention. This despite declaring five years ago – admittedly under intense pressure from Barack Obama – that he supported the creation of a Palestinian state.

That is still an astonishing admission. The peace process – a phrase now surely condemned to always be uttered between quotation marks – has taken up an extraordinary amount of America’s time over the past two years, requiring US secretary of state John Kerry to fly in and out to keep the two sides engaged, as well as the time and resources of other European and Arab countries.

What Mr Netanyahu’s admission means is that he knowingly wasted all that time, money and political capital. (Perhaps Mr Kerry should bill him for those hours in the air, or else claim it back from the cheque the US hands Israel every year.

The success of Mr Netanyahu is also a failure of moderate Israeli politics. The bankrupt vision of the future that both Likud and Kadima espouse has not been opposed by the moderate centre. Labor, ostensibly a part of the centre-left, has been curiously silent throughout this Ramadan’s war.

Nor can Mr Netanyahu’s own allies rein him in. They have not been silent throughout the Gaza bombardment: Likud’s most important coalition partner, Yisrael Beiteinu, has ended the arrangement because, astonishingly, they believe Israel’s prime minister is too soft on Gaza.

Even the Israeli public is curiously disengaged: two months ago, when Israel’s then president Shimon Peres revealed that Mr Netanyahu had torpedoed a peace deal he had reached with Mahmoud Abbas, there was scarcely an outcry. In any other country, that would have been a significant political scandal.

Who then can rein in Israel? The Gaza offensive has shown two things: that the country under Mr Netanyahu has no regard for international law nor for international public opinion. If neither Israel’s own politicians nor its biggest donor can make the country respect those two elements, then the pressure has to come from somewhere else.

One way, as implied by the Arab League this week, is for the creation of an international peace keeping force to keep Israeli and Palestinian areas separate and police the peace. Such a force would be similar to that which polices the southern Lebanese border with Israel, comprised of UN troops whose mandate is simply to keep the two groups apart.

The second method of international pressure is already on-going. Nine years ago this month, Palestinian civil society issued a call for the international community to boycott, divest and sanction Israel until it complied with international law.

The call was explicitly inspired by and modelled on the boycott of South Africa that finally ended apartheid. Supporters of Israel intensely dislike that analogy – when John Kerry used it in a private meeting with international officials in April, there was furious criticism from pro-Israel lobby groups in the US. Mr Kerry eventually apologised, but that such a careful politician had used the word left the impression that it was intended.

Certainly, the analogy and the BDS movement has galvanised action from the international community. One prominent Israeli politician last month called it the single “greatest threat” to the country.

There is indeed little doubt that the BDS campaign has been astonishingly successful in its nine years. As with the boycott of South Africa, small initial changes end up having far-reaching consequences.

Exactly a year ago, the European Union issued guidelines insisting that any future agreement between the EU and Israel must explicitly exclude the colonies in the West Bank. The move – described in Israel as “an earthquake” – was seen as a success for the BDS movement. It was a small bureaucratic step that became a giant political leap.

Earlier this year, the EU, following the legal logic of the guidelines, banned the importation of poultry and eggs produced in settlements. Though small, such moves have normalised the BDS campaign and provided political cover for other governments and companies to follow suit, particularly in the US, where criticism of Israel remains politically sensitive.

Within months, the largest pension fund in the Netherlands pulled out all its investments from Israel’s largest banks. The Norwegian government excluded Israeli companies from its own pension fund and Denmark’s largest bank blacklisted Israel’s largest bank. In the US, the largest Protestant church divested from a security company that operates in Israel’s prison system.

The BDS movement remains an imperfect mechanism for pushing Israel’s politicians to adhere to international law. But it is certainly one part of the solution. Without international pressure, it is clear politicians of Mr Netanyahu’s generation will only ever accept the “process” and never the “peace”.

falyafai@thenational.ae

On Twitter: @FaisalAlYafai

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Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Israel Palestine on Swedish TV 1958-1989

Director: Goran Hugo Olsson

Rating: 5/5

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

The specs
Engine: 2.7-litre 4-cylinder Turbomax
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Transmission: 8-speed automatic
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Tottenham's 10 biggest transfers (according to transfermarkt.com):

1). Moussa Sissokho - Newcastle United - £30 million (Dh143m): Flop

2). Roberto Soldado - Valencia -  £25m: Flop

3). Erik Lamela - Roma -  £25m: Jury still out

4). Son Heung-min - Bayer Leverkusen -  £25m: Success

5). Darren Bent - Charlton Athletic -  £21m: Flop

6). Vincent Janssen - AZ Alkmaar -  £18m: Flop

7). David Bentley - Blackburn Rovers -  £18m: Flop

8). Luka Modric - Dynamo Zagreb -  £17m: Success

9). Paulinho - Corinthians -  £16m: Flop

10). Mousa Dembele - Fulham -  £16m: Success

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

Structural%20weaknesses%20facing%20Israel%20economy
%3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
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